ONE, two, three, go!
The rising sun is shining on K Line, MOL and NYK. The three Japanese shipping groups have just issued a press release to announce that their new joint venture company, Ocean Network Express (ONE), established in July 2017 to concentrate their respective container shipping activities, has received all necessary merger approvals.
"Local competition authorities in regions and countries where such approvals are required for the launch of service by the newly established joint venture company" have given their green light.
South Africa was the last in line to grant approval with conditions requiring measures to comply with its competition law. The planned schedule for the start of the new company remains unchanged, with operations beginning on 1 April 2018. (kd)